WAEC Book Keeping 2025 Objective — Question 4
Question 4 of 42 from the West African Examinations Council (WAEC) Book Keeping 2025 Objective paper, with the correct answer and a full explanation.
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Profit and loss account is prepared to ascertain:
- A. Cost of goods sold
- B. Gross profit or gross loss
- C. Cost of goods available for sale
- D. Net profit or net lossCorrect
Explanation
The profit and loss account's main purpose is to determine the net profit or net loss of a business after deducting expenses from gross profit.
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